On 6th and 7th May 2024, the Principality of Monaco took part in the 11th Meeting of the Competent Authorities of the Organisation for Economic Co-operation and Development's Global Forum on Transparency and Exchange of Information for Tax Purposes in Bridgetown (Barbados), which was attended by over 200 delegates from all over the world.
The Principality was represented by the Department of Finance and the Economy.
The meetings of the Competent Authorities give the members of the Global Forum the opportunity to meet and share their experiences in the field of exchange of information, both on request (ERD) and automatically (EAR), in order to benefit from updates to the Global Forum's tools for cooperation and international standards.
Over the 2 days, the OECD secretariat presented the recent amendments to the exchange of information standards resulting from the new commentary on Article 26 of the Model Tax Convention, the new Crypto Asset Reporting Standard and the revised Common Reporting Standard.
Other notable topics included the key points for successfully preparing for the peer review of the effectiveness of the EAR, which will be published for all jurisdictions in 2025.
This participation in OECD meetings is fully in line with the Principality's commitment to monitor developments in international standards in the area of tax transparency.
